Right but where did those dollars come from then? It seems like you're saying that every time I push up the price with the fake dollars someone else comes and deposits even more real dollars into the market so that I end up with a profit.

Exactly, but those dollars only came in because they saw the bitcoin price go up due to counterfeit money pushing up the prices.

absent bitfinex/tether pushing the price up, that money doesn't come in. Also, sometimes money does not come in, and when that's the case, they dump.

There are a lot of traders who are short sellers for example.

Actually, not as many as you think. Over 90% of the shorts on bitfinex were just two traders. A big part of the game is liquidating shorts with the fake money.

They can use a hundred million tethers to trigger force liquidations and profit that way too.

Ok but don't some of the people who see the price rising sell into the rise?

Not enough people sell, remember they tell everyone never sell.

Ok but don't I have $50 million of the Tethers? How did I get from the Tethers to the real dollars?

Okay you're just not getting this.

Print 100 million tethers out of thin air.

Buy everyones bitcoins with Tethers with them thinking it's dollars.

Price of Bitcoin rises as you buy.

Everyone sees prices rise and FOMO in after you.

Once there's enough liquidity to dump all of your Bitcoins and have > 120 million real dollars, dump the market.

You have the dollars to back the 100 million you printed, plus a profit, and you started with zero.

So do we know about the buying and selling because of the attorney or just the lost money?

We only know about the lost money because of NYAG.

So no one sells when the FOMO guy is buying. How is that achieved?

Not enough people sell, they all expect to get rich lambo moon.

I see so they have accounts on all of the exchanges.

Yes, Bitfinex has accounts at most exchanges to trade with. Something that people don't really take into account, Bitfinex can paint the tape on those exchanges as well, and we don't know how much volume there is in reality, Bitfinex, or Bitfinex affiliates.

How did they survive after the big $20K run though? Everyone was selling then.

They didn't really, the price crashed from 20k to 6k in under 60 days. They were dumping Bitcoins they bought with fake money to put money in their bank, remember when they issued 800 million tethers in January 2018?

Okay, so this is really simple. Tether only trades for USD on Kraken. So the game on Kraken is very simple.

They setup two bots on Kraken, the bots will wash trade with each other indefinitely. This is what keeps the dollar at, or neat 1 dollar on Kraken.

That is the only place Tether trades against a bona-fide (real banking), exchange. So they can keep Tether by simply wash trading a few million a day.

You can completely wipe out the liquidity on Kraken with just a few million Tethers. Nobody does this, because it's easier to just buy Bitcoin.

I don't get what you are saying. How do you profit from giving discounts? Why do they do this with Tether since it's all public?

So Bitfinex does not use one angle, they use several angles.

The most powerful one, imagine having ZERO dollars in your bank account.

Now imagine if suddenly, the bank accidentally gave you a hundred million dollars, and doesn't notice it. You use that hundred million dollars, and FOMO buy Bitcoins from the orderbooks.

Everyone sees the price of Bitcoin rise, and then they pile in with real money. Those hundred million dollars of Bitcoins? Guess what? Now they're worth $150 million.

You sell (causing the price to crash), and then put all of the money back into the bank account. Now you have $150 million dollars. The bank realizes their mistake, and take back the hundred million.

Now you have a cool 50 million dollars.

Essentially, this is what Bitfinex did. The problem was, because they operate with an illegal money laundering operation, Crypto Capital, they lost 850 million dollars. Nobody knew about this until the New York Attorney General made it public.

Bitfinex, in an attempt to make back the 850 million dollars, started pumping and dumping Bitcoin with fake money.

That is the one angle they use, however, they can also sell Tethers at discounts, and they have been caught loaning Tethers to traders. So, for example, imagine this scenario.

Tether loans 100 million TETHERS (which are unbacked), to Trader X. Trader X agrees to pay Bitfinex the 100 million dollars over the next 12 months. Trader X starts FOMO buying Bitcoin with the Tethers, inflating the price of Bitcoin.

As more people FOMO into Bitcoin, they unload those Bitcoins and start paying Bitfinex back.

US exchanges list tether = ny customers with tethers, even 'bitlicensed' exchanges list tether such as poloniex. big fuckup on tethers part by allowing these exchanges to list it and allow us/ny residents to acquire tethers.

all it takes is a single ny resident holding tethers. also tether employed people who live in ny during the 'relevant periods', so even if the amount of the discovery is limited to that period, they could still potentially be forced to turn over documents during the period they had employed ny residents.

As much as everyone here would love to dance on your grave, instead, let's figure out why he trusted Bitfinex in spite of overwhelming evidence against them, and maybe, just maybe... we can figure out the magic words to use to break the Bitfinex spell on their victims.

Were you aware that Bitfinex had a persistent whistle-blower (yours truly...), exposing all of their bullshit for the past two years?

If you were, what made you trust Bitfinex with your funds in spite of my overwhelming evidence against them, now that they're being sued for fraud and lost $850 million dollars by handing it over to a money laundering operation that has been indicted by the US DOJ?